Sinclair to buy Tribune Media, expanding its local TV reach

** FILE ** Sinclair Broadcast Group, Inc.'s headquarters stands Tuesday, Oct. 12, 2004 in Hunt Valley, Md. Sinclair Broadcasting released their quarterly report that is down due to fewer advertisements by auto makers and political commercials. (AP Photo/Steve Ruark, File)

NEW YORK (AP) – Sinclair Broadcast Group is buying Tribune Media for about $3.9 billion, boosting the number of local TV stations it owns.

Sinclair will own or operate more than 200 stations following the deal. Chicago-based Tribune owns or operates 42 television stations, including KTLA in Los Angeles and WPIX in New York, and it owns a stake in the Food Network.

Sinclair, based in Hunt Valley, Maryland, owns 173 stations around the country. It will pay $43.50 for each share of Tribune Media Co., an 8 percent premium from Tribune’s closing price of $40.29 on Friday.

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